Electric water heaters are a type of water heaters that use electricity to heat water. These water heaters are most preferred among other type of water heaters globally, and is widely adopted in developed economies.
Rapid industrialization in emerging economies and increasing adoption of electric water heaters are major factors boosting growth of the global electric water heater market. Additionally, growing awareness about use of electric water heaters and rising demand for energy efficient water heating solutions are other major factors expected to propel growth of the global market over the forecast period. But, availability of alternative water heating solutions such as solar water heaters and advancements in them are major factors hampering growth of the global market.
The global electric water heater market report has been segmented on the basis of product type, end use, capacity, and region. On the basis of region, the global electric water heater market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to rapid industrialization in emerging economies in the region. Moreover, increasing adoption of electric water heaters in residential as well as commercial sectors are other major factors expected to boost growth of the Asia Pacific market over the forecast period. Revenue from the market in North America accounted for second-highest share, closely followed by market in Europe. Furthermore, the market in Asia Pacific is projected to witness significant growth in revenue over the forecast period, and is expected to register a CAGR of X.X%. This is attributed to growing awareness about use of electric water heaters and increasing adoption of electric water heaters in developed and in some developing economies in the region.
Prominent players in the global electric water heater market include Rheem Manufacturing Co., Siemens AG, A. O. Smith Corp., GE Co., Bajaj Electricals Ltd., Rinnai Corp, Heat Transfer Products Inc., Bradford White Corp., Noritz Corp., Crompton Greaves Ltd., Haier Water Heater Co. Ltd., and Ariston Thermo SPA.